How Banks and Financial Institutions Can Effectively Manage Third-Party Vendor Risks
While financial institutions enjoy many benefits from cooperating with third-party service providers, this cooperation also raises significant concerns regarding the security of the data and resources these vendors have access to. In this article, we discuss why financial institutions hire independent contractors and what cybersecurity risks this cooperation entails. We also explore how building a third-party vendor risk management program can help you mitigate these risks.